Credit report information can make or break your life. If your credit score is low, you may need credit repair to qualify for employment or insurance. Start by getting your credit report - you are entitled to one online free annual report a year from Equifax, Experian and Transunion. You will then dispute erroneous items on your report.
Many people underestimate the importance of your credit report and credit score. On July 24, 2007 the Federal Trade Commission released a report which concluded that credit-based insurance scores accurately predit how often a person would file an insurance claim; the lower the credit score, the more likely a person would be to file a claim. Therefore, if you have many negative items on your report, you will pay more in insurance. Of course, if your credit report and score are low, you will also have tougher time getting the best interest rates on mortages and the credit card of your choice.
The first step in credit repair is getting your online credit report from Equifax, Experian and Transunion, the three main credit reporting agencies. You can do this through the online annual report program which Equifax, Experian and Transunion have set up in conjunction with the FTC under the new FACTA laws of 2003.
Once you get your credit report, you can look things over and dispute negative items on your annual report. The credit bureaus have 45 days to conduct an investigation. Credit repair through dispute of negative items can be done over and over as long as different reasons for the dispute are given.
In summary, don’t neglect your credit or credit score! They have a large influence on your life – use credit repair to correct problems. Take advantage of getting your online credit report. Equifax, Experian and Transunion each allow you one annual report a year. Protect yourself with a dispute of information.
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